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Meeting Date: 11/24/93 <br /> Agenda Item: P 5 <br /> CITY OF FALCON HEIGHTS <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> ITEM DESCRIPTION: Review of city revenue, expenditure and <br /> property tax information <br /> SUBMITTED BY: Susan Hoyt, City Administrator <br /> EXPLANATION /SUMMARY: <br /> Over the past ten days the city staff received many calls from <br /> Falcon Heights' homeowners about the increase in their property <br /> taxes. <br /> I. Property taxes and market values <br /> A. Tax rates and market value <br /> The overall tax rate increase in Falcon Heights for all <br /> taxing jurisdictions is 9.49 In the city, there was <br /> actually a decrease in the tax rate by .409 However, <br /> many Falcon Heights' homeowners received increased market <br /> values, sometimes as high as 10 on their homes which <br /> created higher taxes for the city as well as the school <br /> district and county. The market value increase is due to <br /> the assessor's requirement to bring property's within 90% to <br /> 105% of their actual sale price. Property values rose an <br /> average of 5.5% in Falcon Heights. <br /> B. Appeal to the county <br /> Individual property owners may feel their home is not <br /> accurately valued and may call the county assessor's office <br /> to find out when to request a re- evaluation and, if <br /> approved, a tax abatement. <br /> C. Calculating property taxes on a $110,000 home in Falcon <br /> Heights <br /> First 72,000 of market value X 1 720 <br /> additional value 38,000 X 2 760 <br /> Net tax capacity $1,480 <br /> Net tax capacity X tax rate total property <br /> taxes <br /> Total taxes on a 110,000 home <br /> 1993 1,480 X 1.30791 1,935.71 <br /> 1994 $1,480 X 1.41912 2,100.30 >9% <br />